LTC Properties, Inc. announced that it expects to receive $75 million in funding from Massachusetts Mutual Life Insurance Company, The Lincoln National Life Insurance Company, Thrivent Financial for Lutherans, Massmutual Ascend Life Insurance Company
May 16, 2022
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LTC Properties, Inc. announced that it has entered into a note purchase agreement for a private placement of 3.66% senior unsecured notes for gross proceeds of $75,000,000 on May 17, 2022. The notes will be issued at par, will have an average life of approximately 10 years, scheduled principal payments and will mature on May 17, 2033. The transaction will include participation from Massachusetts Mutual Life Insurance Company, The Lincoln National Life Insurance Company, Thrivent Financial for Lutherans, and Massmutual Ascend Life Insurance Company.
The notes will not be transferred in denominations of less than $1,000,000. The company may, at its option, prepay at any time all, or from time to time any part of, the notes, in an amount not less than $1,000,000, and increments of $100,000 in excess thereof, of the aggregate principal amount of the notes then outstanding in the case of a partial prepayment, or such lesser principal amount of the notes as shall then be outstanding, at 100% of the principal amount so prepaid, plus interest thereon to the prepayment date and the make-whole amount determined for the prepayment date with respect to such principal amount. The transaction is expected to close on May 17, 2022.
LTC Properties, Inc. is a real estate investment trust (REIT). The Company invests in seniors housing and health care properties through sale-leasebacks, mortgage financing, joint ventures, construction financing and structured finance solutions including preferred equity, and mezzanine lending. It invests in various properties, including skilled nursing centers (SNF), which provides restorative, rehabilitative and nursing care; Assisted living facilities (ALF), which serves people who require assistance with activities of daily living; Independent living facilities (ILF), also known as retirement communities or senior apartments, offers a community and numerous levels of service, such as laundry, housekeeping, dining options/meal plans, exercise and wellness programs, transportation, social, cultural and recreational activities, on-site security, and others, and Memory care facilities (MC), offers specialized options for people with Alzheimerâs disease and other forms of dementia.
LTC Properties, Inc. announced that it expects to receive $75 million in funding from Massachusetts Mutual Life Insurance Company, The Lincoln National Life Insurance Company, Thrivent Financial for Lutherans, Massmutual Ascend Life Insurance Company